Question

QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends to be Elastic Inelastic Unit Elastic Unknown QUESTION 24 A decrease in the price of a product that a firm sells will cause the demand for it to increase. True False QUESTION 25 Economic profits are equal to total revenues minus Only implicit costs Only explicit costs Implicit and explicit costs Marginal cost QUESTION 26

Answer 1

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Answer 23 is correct. option. A Elastic + Demond is price elastic if a Change in price leads to bigger Change indemand Price elasticity of dem and is greater than to luxury, good have elastic dem and V nuerse Answer (24) True There is inu relationship between Quantity demanded. as firm decrease product price o as resut Consumer will bis given how more unit of good at Budget, which leads to increase in demand -Seamrredovith Game Scanner

become Accounting MAX Answer (25) option c Implicit and explicit cost economic profit Total Revenue Explicit cost-Implicit cost te That include land, labour - Forgone wages, implicit cost of capital Capital Note: If dout minus implicat Cost than it profit. esta Slanned twith CamScanner